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80--9u4S92
<br />LIMFORM Covexnxts. Borrower and Lender covenant and agcte as follows•
<br />1. Payaneot of Principal and Interest Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the Nott, prepayment and late charges as provided in the Note, lad the principal of and interest
<br />on cry Future Advances secured by this Mortgage.
<br />Z. Fends for Taxes and Insurance. Subject to applicable law or to a written waiver fiy Lender, Borrower shall pay
<br />to Lender on the day monthly installments of grincipal and interest are payable under the Note, until the Note is paid in full,
<br />a sum (herein "Funds"} equal io one-twelfth of the yearly taxes and assessments which may attain priority over this
<br />Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insura»ce,-
<br />plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reazonably estimated initially and from
<br />time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed irv a Federal or
<br />state agency (including Lender if Lender is such an institution). Lender shall apply the Fuvrls to pay said taxes, assessments,
<br />insurance premiums and ground rents. Lender may not charge for so holding and applying t}ae Funds, analyzing said account,
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower interest ov the Funds and applicable law
<br />permiu Lender to make such a charge. Borrower and Londe: may agree in writing ai the time of execution of this
<br />Mortgage that interest on the Funds shall be paid m Borrower, and unless such agreerisent is made or applicable law
<br />requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds showing crediu a®d debits-to the Funds a¢d the
<br />purpose for which each debit to the Funds was made. The Funds art pledged as additional security for the sums secured
<br />by [his Mortgage.
<br />If the amount of the Funds held by Lender, together with the future monthh• installrtarnts of Funds payable prior to
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said razes,
<br />assessments, insurance premiums and ground rents az they fall due, such excess :hall b~ at Borrower's option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds_ if the amount of the Fuvas
<br />held by Leader shall not be sufficient to pay taxes, assessments, insurance premmms and ground rents as they fall due,
<br />Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the dale notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment in full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph Ig hereof the Property is sold or the Property a otherwise acquired by Lender. Lender
<br />shall apply, no later than immediately prior to the sale o[ the Propery or iu acgmsuion M• Lender, any Funds held by
<br />Lender at the time of application as a credit against the sums secured by this Jt ortga¢e.
<br />3. Application of Payments. Unless applicable law provides otherwise. all paymenss received by Lendec under the
<br />Note and paragraphs I and 2 hereof shall be applied by Lender first in pavment of amounu payable to Lender by Borrower
<br />under paragraph 2 hereof, then to imerest payable on the No[e. then to the principal of the Note. and then to interest and
<br />principal on any Future Advances.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
<br />the Property which may attain a priority over this Morteage, and leasehold payments or erotad rents. if any, in the manner
<br />provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making pacanenL when due. directly to the
<br />payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due unsex ~8ris paragraph. and in the event
<br />Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencme such payments.
<br />Borrower shall promptly discharge any Tien which haz priority over this Mortgage: provrdad. that Borrower shall not be
<br />required to discharge any such litn so long as Borrower shall agree in writing [o the payriraan of the obhgation secured by
<br />such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or de€esad enforcement of such lien in,
<br />legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Proptrty or any pan thermf.
<br />3. Hazard Insurance. Borrower shall keep the improvements non. existing or hereaftt€ erected on the Property insured
<br />against loss by fire, hazards included w+rhin the term "extended coverage". and such other Izazards as Lender may require
<br />and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
<br />such cuvtrage exceed that amount of coverage required [o pag the sums securtd by this bS~iga¢e.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided.
<br />that such approval shalt not 6e unreasonably withheld. All premiums nn insurance polica5 shall be paid in the manner
<br />provided under paragraph Z hereof or, if no[ paid in such manner, by Borrower making pagwent, when due, directly to the
<br />insurance carrier.
<br />All insurance policies and renewals thereof shall be in form acceptable to Lender and skrnll include a standard mortgage
<br />clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
<br />and Borrower shall promptl}' furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
<br />Borsower shall give prompt notice to the insurance carrier and Lendec Lender may make p,raof of loss if not made promptly
<br />by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be apl9ied to restoration oc repair of
<br />the Property damaged, provided such restoration or repair is economically [easible and the security of this Mortgage is
<br />not thereby impairtd. If such restoration or repair is not economically ftasible or if the sauriry of this Mortgage would
<br />6e impaired, the insurance prviceeds shall be applitd to the sums secured by this Mongagc with the excess, if any, paid
<br />to Borrower. It the Property is abandoned by Borrower, or i[ Borrower fails to respond to Sender within 3U days from the
<br />date notice is mailtd by Lender to Borrower that the insurance carrier otters to settle a clairm for insurance benefits, Lender
<br />is authorized to collect and apply the insurance proceeds at Lender's opfion tither to restoration or repair of the Property
<br />or to the sums stcurtd by this Mortgage.
<br />Uuless Lender and Borrower otherwise agree in writing, any such application of proctads to principal shall not extend
<br />or postpone tht due date of the monthly installmems referred to in paragraphs 1 and ? Frcmeu[ or change the amount of
<br />such installments. if under paragraph 1 g hereof the Property is acquired by Lender, all right. title and interest of Borrower
<br />in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the salt
<br />or acquisition shall pass to Lender io the extent of tht sums secured by this Mortgage inx~ediately prior to such salt or
<br />acquisition.
<br />6. Prestrvaiion and Mainitaance of Property; Leaseholds; Condominiums; Planned -Jnit Developments. Borrower
<br />shall keep the Proptrty i¢ good repair a¢d shall not commit waste or permit impairment otr deterioration of the Proptrty
<br />cad shalt comply with the provisions of any lease it this Mortgage is on a leasehold. If tXtis Mortgage is on a unit in a
<br />condominium or a planned unit development, Borrowtr shall perform all of Borrower's oFrJigationa under the declaration
<br />or covenants creating or governing the condominium or planned unit development, the Iny-laws and regulations of the
<br />ctr¢don:ivitim or planned unit devctopment, and constituent documents. if a covdaminiut>W or planned unit developmem
<br />rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
<br />shag be incorporated into and shalt amend a¢d supplement the covenants and agreements e~f this Aiortgage as it the rider
<br />were a part hereof.
<br />'. Proteciioa of Lender's Security. If Borrower fails to perform the covenants an+:i agreements contained in this
<br />Mortgage, or if any action or ptoceedivg is cotnntenced which materially aftects Lensier's interest in the Property,
<br />including, but nut limited te, eminent domain, insolvency, code enforcement, or arrangcmcnts or proceedings involving a
<br />bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make ouch appearances, disburse such
<br />sums cad take such action az is rtecessary• to protect Lendcis imerest, including, but ns limited m, tlisbursemznt of
<br />reasonable attorney's fens and entry upon the Property to make repairs. If Lender reµuiree~ mortgage insurance as a
<br />conditio¢ of making the loan secured try this Mortgage, Borrower shall pay the prtmi¢ms required to maintain such
<br />insurance in efrect until such rime as the requiremtn[ for such insurance terminates m acmordance with Dorrower's and
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